Cctv news(Reporter Xie Botao, Liu Liang): On August 29th, the network theme propaganda activity of "40 Years of Special Economic Zones @ Governance Modernization" went into Hainan. Experts and journalists accompanying the delegation visited Hainan on the spot to explore the theoretical value and practical significance of the construction and development of Hainan Free Trade Port in promoting the modernization of the national governance system and governance capacity. Previously, the delegation had conducted interviews and investigations in Shenzhen, Zhuhai, Shantou and Xiamen.

　　The tide rises from the south of the sea and dreams of a free trade port. Hainan is the only provincial special economic zone among the seven special economic zones in China, and it is also the largest special economic zone in China. On June 1, 2020, the Overall Plan for the Construction of Hainan Free Trade Port was announced, which marked a key step in the construction of China’s characteristic free trade port. Facing the new situation and environment at home and abroad, Hainan is at the forefront of a new round of reform and opening up.

　　He Jianhua, a researcher and former vice president of Shanghai Academy of Social Sciences, said in an interview that compared with decades ago, great changes have taken place in Hainan. First, great achievements have been made in economic construction. The appearance of urban and rural areas and the lives of ordinary people have been greatly improved. Second, Hainan has become the forefront of the construction of special economic zones in the process of reform and opening up. Thirdly, Hainan has entered a new stage of building a free trade port with China characteristics.

　　As the largest special economic zone in the motherland, Hainan is now building a free trade port with Chinese characteristics, boldly trying first and creating experience in economic and trade freedom and convenience. This is our all-round, wide-ranging and greater opening up in the new era.

　　"Now Hainan is ahead!" He Jianhua said that at present, economic globalization has encountered a reverse wind, anti-globalization and trade protectionism are on the rise. Under this background, Hainan’s becoming a free trade port has shown the world China’s determination and mind to unswervingly expand its opening up.

　　"People of insight in the world realize that economic globalization is an irreversible historical trend and provides a strong impetus for world economic development."

　　According to He Jianhua’s analysis, in the process of China’s continuous opening up and integration into the world, Hainan, as a special economic zone, is in the forefront, becoming the vanguard and leader of China’s opening up to the world. I believe that through the hard work of Hainan people, the free trade port will certainly show a very good development prospect.

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DouyinInstant platformWhat are the conditions for entry?

Overview of Instant Platform:

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• Users may need to have a Tik Tok account and related creative needs.
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Tik Tok creates more introductions.：Click to view

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Official website entrance:

• Visit aic.oceanengine.com, the official website that was created immediately.
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Tik Tok App Entrance:

• There may also be an entrance link in Tik Tok App, and users can directly access the instant platform through Tik Tok App.
• Sometimes the related functions or tools will be publicized or promoted within Tik Tok App.

Instant workbench software functions:

• Provide AI automatic editing, character image selection, dubbing options, AI digital human live broadcast and other functions.
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• Diversified creative tools: covering video, graphic, live broadcast and other creative forms.
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I hope this information will help you. If you want to see more AI product introductions, you can pay attention to "Aibase product library"understand.

(reporting)

　　CCTV News:On April 4th, the Comprehensive Plan for Reducing Social Insurance Rate was released. The plan will be implemented on May 1st. It is expected to reduce the burden on enterprises by 300 billion yuan this year. How to reduce the social insurance rate? Who benefits more? If the rate is lowered, the income of the fund will inevitably decrease. How can the pension be paid in full and on time?

　　News background:

　　According to the plan, the proportion of urban workers’ basic old-age insurance (including enterprises, institutions and institutions) paid by units above 16% will be reduced to 16%. Compared with the current rate of 20% or 19% in most provinces, this rate is reduced by 3— 4 percentage points, equivalent to a reduction of 1/5.

　　Zheng Bingwen: All employees of enterprises benefit from reducing the rate and ensuring growth.

　　Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences: Employment is the foundation of people’s livelihood. Stable employment will help the development of enterprises and really reduce the burden on enterprises. This time, measures to reduce the social security tax rate will support enterprises, which will stabilize employment. The threshold for enterprises to participate in insurance has been lowered, which will not only enhance the vitality and development potential of enterprises, but also help improve the enthusiasm of enterprises and employees to participate in insurance, and bring more employees into the old-age insurance system, forming a virtuous circle of enterprise development and old-age insurance system development.

　　Crown: To reduce the burden on enterprises is to empower the market.

　　Wang Guan, commentator of Yangguang Finance and Economics: To reduce the burden on enterprises is to empower the market. Recently, the value-added tax has been greatly reduced, including the further reduction of social security rates. In this year’s government work report, it is proposed that as long as employment is stable and income increases, there will be confidence. Now, there are about 110 million market players.

　　This time, the efforts to reduce the social security rate are unprecedented. For many enterprises, one of the resources saved is to expand production capacity, and after the expansion of production capacity, new jobs will be recruited, which is the increase in employment. At the same time, many enterprises will seize the time to innovate and invest in research and development. This will greatly improve our future wealth growth and creation efficiency.

　　News link:

　　In response to the increasing pressure on fund income and expenditure after the fee reduction, the financial department and the human and social departments have formulated countermeasures to ensure that pensions are paid in full and on time.

　　— Increase financial subsidies at all levels. In 2019, the central government allocated 528.5 billion yuan in subsidies for basic old-age insurance for enterprise employees, a year-on-year increase of 9.4%. Local finance will also arrange corresponding subsidy funds.

　　Two, improve the central adjustment fund in solution ratio. This year, the basic pension in upper solution ratio of each province is planned to increase from 3% in 2018 to 3.5%. It is estimated that the scale of the central adjustment fund will reach about 600 billion yuan in 2019, and the benefit scale of the beneficiary provinces will reach about 160 billion yuan.

　　Third, compact the main responsibility of the provincial government.

　　Zheng Bingwen: The comprehensive management of pension funds has achieved results.

　　Zheng Bingwen, Director of the World Social Security Research Center of China Academy of Social Sciences: The World Social Security Research Center of China Academy of Social Sciences will release an actuarial report, covering the 30-year forecast period from now to 2050. I can give you a description of the approximate curve of our estimated results in the next 30 years. From this year until 2027, our annual pension income and expenditure are balanced, and there is a slight balance every year. From this year, the accumulated balance of the basic endowment insurance fund for urban enterprise employees nationwide will increase to about 7 trillion yuan in 2027. Since 2028, the pressure of balance of payments has increased, but it can still be paid for 14 months, and there is no problem in the next decade. Its pressure comes from the long term. In the long term, we need to plan ahead and take various measures to comprehensively manage it, so as to enhance the sustainability of our social security fund.

　　Crown: the pension level will not be reduced if more measures are taken at the same time

　　Wang Guan, commentator of Yangguang Finance and Economics: This year, the Ministry of Human Resources and Social Security will continue to actively and steadily promote the investment and operation of the endowment insurance fund, and promote the implementation of the implementation plan for transferring some state-owned capital to enrich the social security fund and enhance the support capacity of the social security fund.

　　According to estimates, after reducing the rate, the fund can still ensure that the income exceeds the expenditure on the whole, and the accumulated balance of China’s enterprise pension insurance fund is 4.78 trillion yuan. In addition, the national social security fund has a strategic reserve of about 2 trillion yuan, which can ensure the normal payment of pensions on time and in full.

　　Zheng Bingwen: China’s social security system should explore the China model

　　Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences: China’s social security system should explore the China model. Why do you say that?

　　You Jun, Vice Minister of Ministry of Human Resources and Social Security, said that this round of social security rate reduction is a long-term institutional arrangement. In the future, under the downward pressure of the economy, we should explore a social security system with China characteristics, which is how to keep the level of pension benefits unchanged at a relatively low rate. This is a direction that our reform needs to work hard.

　　Crown: the dividend of tax reduction and fee reduction helps the growth of the real economy

　　Wang Guan, a commentator of Yangguang Finance and Economics: On the one hand, enterprises are more competitive in the market by reducing taxes and fees, on the other hand, every enterprise and everyone has to set up their sleeves and work hard. With the dividend of tax reduction and fee reduction, the real economy will be further strengthened and new economic vitality will be released.

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　　Stabilizing foreign trade is an important support for steady growth. According to data released by the General Administration of Customs of China recently, in the first seven months of this year, the total import and export value of China’s goods trade was 23.6 trillion yuan, up 10.4% year-on-year.

　　Since the beginning of this year, in the face of the severe and complicated external environment and the new challenges brought by the multi-point spread of domestic epidemics, China has continued to expand its high-level opening to the outside world, and a series of policies and measures to stabilize foreign trade have been intensively introduced, helping the majority of foreign trade entities to overcome difficulties and innovate and develop, and injecting a steady stream of kinetic energy into promoting the stability and quality of foreign trade. The "semi-annual report" of foreign trade import and export announced on July 13th conveys a positive signal of China’s sustained economic recovery.

　　The growth rate of foreign trade rebounded rapidly, showing strong resilience.

　　In the first half of the year, the scale of China’s foreign trade reached 19.8 trillion yuan, which slowed down from 0.1% in April to 9.5% and 14.3% in May and June, respectively. The V-shaped repair curve in the first half of the year showed the strong development resilience of China’s foreign trade.

　　This resilience is particularly evident in areas affected by local epidemics in the early stage.

　　On July 7, Yangshan customs officers conducted a ship-side supervision inspection on the export excavator. Xinhua News Agency reporter Wu Yushe

　　In the first seven months, the total import and export of the three provinces and one city in the Yangtze River Delta region increased by 11.7% year-on-year, 2.5 percentage points faster than the growth rate in the first half of the year; In the month of July, it increased by 25.7% year-on-year, contributing more than 50% to the national foreign trade growth.

　　With the implementation of the national package of policies and measures to stabilize the economy, the vitality of foreign trade market players has been effectively stimulated. In the first half of the year, there were 506,000 foreign trade enterprises with import and export performance in China, up 5.5% year-on-year. Among them, the status of private enterprises as the main force has been further consolidated, with import and export of 9.82 trillion yuan, up 13.6%, accounting for 49.6% of China’s total foreign trade import and export value, up 1.9 percentage points year-on-year.

　　The export of high-tech and high value-added products maintained rapid growth.

　　Data show that in the first half of the year, China’s exports of electrical equipment, integrated circuits, automobiles and other mechanical and electrical products increased by 24.8%, 16.4% and 51.1% respectively. The export of high-tech and high value-added products maintained rapid growth, and the competitiveness of foreign trade export products continued to improve.

　　In the first half of the year, FAW, BYD and Tesla’s Shanghai factory frequently exported good news. New energy vehicles have become the "accelerator" of China’s automobile exports.

　　On July 28th, the audience was visiting Guangzhou Automobile New Energy Vehicle. Xinhua News Agency reporter Yang Guanyu photo

　　China Railway Engineering Equipment Group Co., Ltd., a leading enterprise in roadheader industry, actively explores the international market. In the first half of this year, the amount of newly signed overseas contracts increased by 75% year-on-year, and overseas orders were successively obtained, such as Longren Cable Tunnel in Korea, Hamburg Thermal Energy Project in Germany, and Bangkok Water Supply Project in Thailand.

　　On the basis of stabilizing the basic foreign trade market, China’s foreign trade structure has been continuously optimized, and the "quality" gold content is more sufficient.

　　Insist on opening wider to the outside world and make positive progress in market diversification.

　　A century of change has superimposed the epidemic of the century, and economic globalization has encountered countercurrent. China has persisted in opening wider to the outside world and made positive progress in market diversification, which has also added new impetus to stabilizing foreign trade.

　　According to customs statistics, in the first half of this year, China’s imports and exports to ASEAN, the European Union and the United States were 2.95 trillion yuan, 2.71 trillion yuan and 2.47 trillion yuan, up by 10.6%, 7.5% and 11.7% respectively. In the same period, China’s import and export to countries along the Belt and Road and RCEP trading partners increased by 17.8% and 5.6% respectively.

　　This is the location of the 2nd China International Consumer Goods Expo (photo taken on July 30th). Xinhua News Agency reporter Guo Chengshe

　　The 131st Canton Fair held in April attracted 536,000 overseas buyers from 228 countries and regions to register for the exhibition, with a record number. The second Consumer Expo held in July covered a total area of 100,000 square meters, attracting more than 2,800 brands from more than 60 countries and regions. At the news briefing on the 100-day countdown to the opening of the 5th China International Import Expo, relevant departments indicated that the contracted area of the 5th China International Import Expo(CIIE) Enterprise Exhibition reached 85% of the planned area, and among the contracted exhibitors, there were more than 270 world top 500 and leading enterprises in the industry.

　　If you don’t reject the crowd, you will be a river and sea. In the new round of promoting high-level opening-up, China is exploring development opportunities, enhancing development resilience, and making efforts to smooth the domestic and international double cycle and promote the construction of a new development pattern.

　"Accelerating the integrated development of domestic and foreign trade is an inherent requirement for building a new development pattern and promoting high-quality development."

　　According to Xinhua News Agency, the the State Council executive meeting held on December 1st mentioned "accelerating the integration development of domestic and foreign trade", stressing the need to benchmark the international advanced level, speed up the adjustment and improvement of relevant domestic rules, regulations, management and standards, promote the convergence of domestic and foreign trade standards, inspection and certification, and supervision, and promote the homogeneity of domestic and foreign trade products with the same line and standard. It is necessary to focus on enterprise demand and market feedback, optimize policies in a timely manner, effectively break through the key blocking points that hinder the integration of domestic and foreign trade, and help enterprises switch smoothly between domestic and international markets. It is necessary to optimize the development environment of domestic and foreign trade integration, implement relevant financial support policies, and jointly promote the high-quality development of domestic and foreign trade.

　　one

　　Realization of integration of domestic and foreign trade

　　Help to reduce trade barriers and trade costs.

　　On December 30, 2021, the Opinions on Promoting the Integration of Domestic and Foreign Trade issued by the General Office of the State Council proposed that promoting the integration of domestic and foreign trade is conducive to the formation of a strong domestic market and the smooth domestic and international double cycle. The regular meeting of the State Council held on December 1 also emphasized that accelerating the integrated development of domestic and foreign trade is an inherent requirement for building a new development pattern and promoting high-quality development.

　　So how do you understand the significance of this move to smooth the domestic circulation and accelerate the construction of a unified national market?

　　Chen Bo, a researcher at the Free Trade Zone Research Institute of Liaoning University, explained to the reporter of Chengdu Business Daily-Red Star that the integration of domestic and foreign trade can not be simply understood as the export products turning into domestic sales, but the export and domestic sales are the same. In other words, there should be no difference in rules, regulations, standards, supervision and other aspects between domestic and export products, focusing on the cost of the circulation of goods and services of enterprises.

　　Chen Bo said that accelerating the integration of domestic and foreign trade is a direct manifestation of the double cycle and a basic requirement. For enterprises, the original domestic and foreign trade is a divided market. To promote the integration of domestic and foreign trade, the cost of rules, regulations, standards and design in different markets may be greatly reduced, and the marketing cost will also be greatly reduced, which is conducive to expanding the profit points of enterprises. At the same time, the unification of domestic and foreign trade in terms of standards, rules, regulations and supervision will enable enterprise products to adapt quickly when they encounter international special demand shocks.

　　Zhu Keli, executive director of China Information Association and founding dean of the National Research Institute of New Economics, said that from the perspective of stabilizing foreign trade, by promoting the integration of domestic and foreign trade, the risks and uncertainties of enterprises facing the international market have been reduced. The integration of domestic and foreign trade will help to reduce trade barriers and trade costs and improve the competitiveness of enterprises. By optimizing the policy environment and breaking through key blocking points, enterprises can switch between domestic and international markets more smoothly. This will help to stabilize foreign trade orders and market share, and enhance the ability of enterprises to resist risks. Promote the upgrading of foreign trade products and brand building by strengthening the docking with the international market. This will help to enhance the popularity and influence of China Manufacturing and promote the sustainable development of foreign trade.

　　From the perspective of expanding domestic demand, Zhu Keli analyzed that by promoting the homogeneity of domestic and foreign trade products, consumers can buy products with the same quality as those in the international market in the domestic market. This will improve the quality and level of domestic consumption and meet consumers’ demand for high-quality and diversified goods. By implementing relevant financial support policies, enterprises can have more resources and motivation to expand the domestic market. This will help to expand the scale of domestic demand and promote consumption upgrading and economic growth. By strengthening the standardization of the domestic market, the fairness and transparency of market competition will be improved. This will provide consumers with more choices and better services and stimulate the release of domestic demand potential.

　　2

　　Break the small circle of local closure

　　Promote the smooth flow of commodity resource elements in a wider range.

　　The regular meeting of the National People’s Congress held on December 1 clearly stated that it is necessary to effectively break through the key blocking points that hinder the integration of domestic and foreign trade.

　　So, how to understand the blocking point of domestic and foreign trade integration? On December 30, 2021, the Opinions on Promoting the Integrated Development of Domestic and Foreign Trade issued by the General Office of the State Council pointed out that "the existing regulatory system is not perfect enough, the ability to make overall use of two markets and two resources is not strong enough, and the integrated development of domestic and foreign trade is not smooth enough, which can not fully meet the needs of building a new development pattern."

　　Chen Bo explained that the actual investigation found that enterprises would encounter some specific obstacles, for example, foreign trade is guaranteed by the Export-Import Bank, and the guarantee problem of domestic trade needs to be solved. There are export tax rebates in foreign trade, but there are no export tax rebates in domestic trade, but can we enjoy some industrial policies? There are many differences between domestic trade and foreign trade in industrial policy, regulatory policy and tax policy, which need to be sorted out. At the same time, domestic and foreign trade are completely different from the implementation of relevant commercial laws and regulations, and this aspect also needs to be investigated, analyzed and reformed to promote the smoothness of domestic and foreign trade rules.

　　Wei Wang, director and researcher of Market Economy Research Institute of the State Council Development Research Center, also wrote in Economic Daily that there are still some difficulties in promoting the integration of domestic and foreign trade, especially the gap between foreign trade product standards, settlement methods, circulation channels and business environment and the international advanced level. In this regard, it is necessary to start with institutional mechanisms and promote development through innovation.

　　Wei Wang said that it is necessary to integrate the domestic and foreign trade of market players and promote the integration of other aspects. China should not only cultivate large-scale circulation enterprises with international competitiveness, realize the extension of circulation channels from home to abroad, but also promote the transformation and upgrading of foreign trade enterprises, open up and smooth domestic circulation channels, and also cultivate cross-border e-commerce platform enterprises, build bridges between domestic and foreign trade, and help enterprises switch smoothly between domestic and foreign trade businesses. At the same time, we should constantly establish and improve the unified national market system and rules, clean up and abolish all kinds of regulations and practices that hinder unified market and fair competition, break the small local closed cycle, and promote the smooth flow of commodity resources in a wider range. On this basis, we will increase the opening of the domestic market, especially the service market, and promote the smooth flow and efficient allocation of domestic and foreign resource elements. Promote the comprehensive and smooth domestic circulation, connect the domestic and international markets, and create a market-oriented, rule-of-law and international business environment.

　　For well-known stocks other than Coca-Cola and Xishi Candy, Buffett is not a long-term investor as everyone imagined. Investors have always thought that Buffett’s investment style is very scattered, but on the contrary, Buffett’s top five stock positions in his portfolio can account for more than 70% of his entire portfolio. Decentralization can preserve wealth, but centralization will increase wealth —

　　Just after the May Day holiday in 2019, the Warren Buffett shareholders’ meeting held in Omaha, a small American town, attracted many investors to queue up for admission not far from Wan Li. Since the first general meeting of shareholders in 1964, the "stock god" has basically not let investors down. In this year’s six-hour question-and-answer session, the scope of the questions involved investment, science and technology, human nature and so on. Buffett admits that he is no longer the kind of "value" investor in his early days. Many of his investment income comes from some more "expensive" companies. What is the strategic change of the stock god? Or have investors always misunderstood Buffett?

　　Why don’t you favor bargains anymore?

　　Buffett’s teacher is Benjamin Graham, the author of Securities Analysis. Graham’s most famous investment philosophy is "value investment". One of the most important characteristics of the so-called value investment is to buy a company that you are optimistic about at a cheaper price. Buffett himself described his investment philosophy as such: he likes to buy "cigarette butt" stocks.

　　What do you mean by "cigarette butt stock"? For example, investors see a cigarette butt that is about to burn out on the road, and pick it up when no one picks it up. Similarly, buying cheap stocks that no one buys is also called the "cigarette butt stock" strategy. This strategy can be seen everywhere in Buffett’s early investments.

　　In the 1980s, when Buffett bought Coca-Cola, the price was horribly low. But since he met his partner Munger in the 1970s, Buffett began to change, not just pursuing low-priced stocks. Xishi Candy is the most representative case of his change in investment philosophy.

　　In Munger’s words, if it is a very good bid, it is worthwhile to pay a little more! Therefore, the company Xishi Candy was acquired at a price higher than the book value, and it succeeded.

　　Has Buffett’s concept of value investment changed? Xia Chun, chief research officer of Noah Holdings, believes that high-quality stocks contribute the most to Buffett’s investment income, followed by large-cap stocks with little fluctuation, and then the so-called value stocks.

　　For well-known stocks other than Coca-Cola and Xishi Candy, Buffett is not a long-term investor as everyone imagined. If the holding period of Buffett’s traded stocks is arranged from short to long, the holding period ranked in the median is actually not long. Many of his transactions are completed in one year, and sometimes the holding period is only three months.

　　Buffett’s value investment concept is also called "deep value investment", which is completely different from the way of only looking at the price and buying assets at low prices.

　　Xia Chun believes that companies with low profits or even negative profits may be easily sought after by the market because they are cheap and have great potential. However, a truly high-quality company’s share price may not be cheap. As long as the current high-quality company’s share price is not so outrageous, it may bring benefits to investors in the future, which is the essence of Buffett’s stock selection strategy.

　　In Buffett’s own words, the "value" in value investment is not an absolute low P/E ratio, but a comprehensive consideration of various indicators of buying stocks. For example, whether it is the business that investors understand, future development potential, existing revenue, market share, tangible assets, cash holdings, market competition, etc.

　　Yang Delong, executive general manager of Qianhai Open Source Fund Management Company, believes that Buffett used to mainly invest in consumer stocks and financial stocks, but rarely invested in technology stocks, which allowed him to avoid the bursting of the American science and technology bubble in 2000, but at the same time missed the great development of technology stocks in recent ten years. Buffett corrected it in time and invested in technology stocks such as IBM, Apple and Amazon.

　　Summarize Buffett’s investment philosophy in one sentence: "If I want to buy high-quality stocks, I will definitely buy them when they are discounted." There are two key points in this sentence: first, it must be a good stock, and second, the buying time must be at a discount. It can be seen that Buffett’s value investment philosophy is not simply to choose cheap stocks and poor performance stocks, but to pay attention to those stocks with high quality and good development prospects. The two strategies and two kinds of wisdom of stock selection and timing are contained in it.

　　Decentralization or centralization

　　Leverage, fund allocation and short-term speculation … … Will these familiar words of domestic A-share market investment be found in Buffett’s dictionary? Buffett once said, "The only way for smart people to die is to add leverage." In the usual thinking, Buffett is a value investor and should disdain to use these speculative strategies, but it is not.

　　Xia Chun said that from 1980 to 2006, Buffett’s most common stock holding period was one year, and the second common holding period was three months. The label of "long-term investor" that ordinary investors labeled Buffett was not completely accurate.

　　Xia Chun believes that Buffett is very opposed to ordinary families adding leverage, borrowing money for stock trading or allocating funds for stock trading. However, Buffett himself is very good at adding leverage, and Buffett’s leverage is as high as 1.7 times.

　　In addition to leverage, another big problem that ordinary investors are struggling with is whether to "put eggs in different baskets". Or concentrate on investment?

　　Investors have always thought that Buffett’s investment style is very scattered, but on the contrary, Buffett’s investment is basically concentrated in a few stocks. The top five stock positions in Buffett’s portfolio can account for more than 70% of his entire portfolio. At least, there are only five stocks left in his entire position. Buffett advises everyone to diversify their investments, but he is a master of centralized investment. He believes that extensive diversification is generally used when investors are not fully aware of what they want to do. Decentralization can preserve wealth, but centralization will increase wealth.

　　In addition to Coca-Cola and other well-known secondary market stocks, Buffett is actually a master of private equity investment. Over the past 10 years, Buffett has criticized private equity and hedge fund managers on many occasions, so investors generally think that Buffett doesn’t like private equity investment and hedge fund trading. But few people know that Buffett left his legacy to start a business by trading hedge funds, mainly buying and selling stocks and bonds of listed companies.

　　Now, most of Buffett’s Berkshire investments are non-listed companies. Buffett is more like a private equity fund manager. In his portfolio, the investment of non-listed companies accounts for about 70%.

　　Xia Chun said, "Whether you use speculative strategies such as leverage or enter the field of high-risk non-listed companies’ equity investment, you must have enough key knowledge, and at the same time, you should judge high-quality companies accurately."

　　Is Buffett’s strategy suitable for A shares?

　　At the Buffett Shareholders’ Meeting in 2018, Buffett maintained a positive and optimistic attitude towards China’s economy and market. At this shareholders’ meeting, Buffett once again said: "China is a big market, and we like big markets. It is very important for China and the United States to get along well. Before China had a new policy of opening wider to the outside world, we were already in contact with China. Berkshire has bought some China stocks before, but the number is not particularly large, and some bigger deployments may be made in the next 15 years. "

　　So, is Buffett’s strategy ineffective if he gets A shares? According to the retracement calculation of Li Xunlei, chief economist of Qilu Asset Management under Zhongtai Securities, according to Buffett’s stock selection principle, A-share investment may also get high returns. Buffett stressed that companies with high ROE (return on net assets) must be selected and bought at a low PE (price-earnings ratio), believing that the valuation is relatively reasonable when PE and ROE are similar (for example, PE is 20 times and roe is 20%). According to these indicators, the net value of "high ROE+ low PE" strategy in the A-share market has increased by 246% in the past 10 years, while the Shanghai and Shenzhen 300 index has increased by 66% in the same PEriod. Most of the strategies have achieved positive excess returns, which shows that the stock selection standard of "high ROE+ low pe" is generally effective in the past 10 years.

　　Li Xunlei said that some people misunderstand that value investment is not acclimatized in A-shares, perhaps because in the impression of many A-share investors, A-shares are greatly influenced by policies and have a high degree of irrationality, so value investment may not be applicable in A-shares. This may be related to the fact that most people pay too much attention to the "bull stocks" with outstanding short-term performance. If we focus on the annual super bull stocks, we can hardly see the shadow of value stocks, which may be the reason why value investment is not acclimatized in the impression of ordinary investors. In addition, because individual investors pay too much attention to short-term returns, they generally pay attention to the so-called "stock-active" stocks with greater stock price fluctuations, especially those with daily limit, and may not be interested in value stocks with relatively stable performance and stock price.

　　At present, many investors believe that Buffett’s success cannot be replicated, but Xia Chun thinks that this is not the case. American regulators require large institutional investors to announce changes in their positions every quarter. Every time Buffett announced the change of his position, not many people followed suit, because everyone thought that the stock price had been reflected in the market. In the future, more and more investors will truly imitate and apply Buffett’s stock selection method. (Economic Daily China Economic Net reporter Zhou Lin)

　　After filming "Langya Bang" and "The Pretender", Hu Ge fell into a period of confusion. He wanted to try some breakthrough roles to give him the urge to create. At this time, he met the director Diao Yinan, and then collaborated on the movie "The Wild Goose Lake". Today, the film was released, fulfilling Hu Ge’s long-standing dream of literary films. He finally shot a transformation work.

　　■ "Reduce the heat and simmer" to find new ways to perform

　　Hu Ge remembered meeting the director Diao Yinan at a restaurant in Shanghai. When Diao Yinan found him through friends before, he was surprised. He had been working in the field of TV dramas, and now a famous literary film director found him and said, "I’m a little flattered." When it comes to the director Diao Yinan’s interest in Hu Ge, it is because of the advertisement on the Armani store near his home that Hu Ge’s handsome image shines brightly. Later, when he saw Hu Ge in a magazine with a rough shape, Diao Yinan felt that this actor has different sides.

　　Over the years, when Hu Ge was filming TV dramas, he used a rush acting method. Time was tight and the intensity was high, so he couldn’t prepare the role properly. Now that he was filming movies, he could finally immerse himself in the role for six months.

　　In the film, Hu Ge plays Zhou Zenong, a wanted criminal who was originally the leader of a car theft gang. He was involved in a turf grab and got involved in a fight. He accidentally killed a police officer and had to flee. During this time, his fate is tied to two women. This is a complex character. In Hu Ge’s mind, Zhou Zenong is a very mature man. His final struggle is to get 300,000 bounty to compensate his wife and children before he is arrested.

　　At the beginning of filming, Hu Ge was still a little worried that he would not meet the director’s requirements, but the director Diao Yinan clearly told him, "I will not let him go easily." Because he was responsible for the work and Hu Ge’s performance.

　　Hu Ge first made himself close to Zhou Zenong in appearance. He had to dry the lamp to make his skin darker; he had to lose weight to make himself more muscular and powerful; he also had to learn Wuhan dialect; and more importantly, he had to step into Zhou Zenong’s inner world. Once the director asked him on the spot, how did he feel? He told the director honestly, "There are good and bad things, whether it is physical or mental pressure." But Hu Ge would not deliberately avoid these, because these negative emotions or physical feelings are the same as Zhou Zenong’s psychological state during the escape process in the film, which is exactly the inner unease that the characters need.

　　At first, Hu Ge thought Zhou Zenong was a slovenly man, but during the fitting, the director told him that Zhou Zenong actually had requirements for himself. His leather shoes were clean, he wore sharp trousers, a nice belt, and his hair was clean. Knowing this made Hu Ge understand the inner world of this character better. He was not a heinous person, and at least he hoped to be responsible for his wife and children.

　　After entering the group, the director asked the actors to read the script. After Hu Ge finished reading the script, he looked up at the director and found that Diao Yinan was in tears. He was completely immersed in the story.

　　■ "Reach the limit" has an extra calmness

　　In the film, the scene where Zhou Zenong shoots and kills a police officer by mistake is a turning point in the character’s character. Zhou Zenong is chased by an opponent with a gun, rolls down the embankment of the provincial highway, and falls into a puddle. In this scene, Hu Ge is exhausted, and his physical and mental strength have reached the limit. But it is also this scene that becomes a watershed for Hu Ge’s performance in the film. "I think the whole person is opened up, and that state is the closest to Zhou Zenong."

　　For Hu Ge, the hardest part was speaking the Wuhan dialect. He was given a language teacher. After a while, he thought he could speak as well as the teacher, but the teacher didn’t think he could. One day, Hu Ge said to the teacher, let me teach you Shanghainese, and he wanted to experience what it was like to be a teacher. After the roles were switched, Hu Ge quickly realized that he had only paid attention to the rhythm, pronunciation and intonation of speaking Wuhan dialect, but ignored the pitch. After finding this trick, he was much more efficient in the process of learning.

　　In a topless scene in the film, Zhou Zenong needs to bandage himself after being shot. To make the character look thinner, Hu Ge avoids drinking water long before the performance, so that his abdomen looks a little shriveled. He tries to keep himself in a haggard, exhausted state.

　　It was very rare that the film was shot in a smooth manner, and Hu Ge had never encountered such a crew before. This was especially helpful for the actors’ creation. Because from beginning to end, the entire mood of the actors was coherent, and there was no need to disconnect their emotions like in the previous film in order to take over the scene. "Of course, the premise is that there is a strong investor who can allow us to create so willfully."

　　As the leader of the car theft gang, Zhou Zenong naturally had a lot of scenes of riding motorcycles, which was not difficult for Hu Ge, because he was a motorcycle enthusiast in life. The first time he went downstairs to the producer Shen Yang’s company to get a paper script, he rode a motorcycle. Shen Yang was shocked when he saw Hu Ge, who joked that he was here to pick up the courier. "I think mastering a skill is still useful for filming. Because many actors have fallen, I didn’t fall."

　　The film was shot around Wuhan during the hot weather, and the heat of Wuhan kept Hu Ge in a state of confusion, making him almost unable to distinguish the boundaries between reality and fantasy. "Sometimes I am me, sometimes I am Zhou Zenong," he believes, this story should have taken place in Wuhan, and if you go to other places, you will not be able to shoot such a feeling. After filming the film, everyone said that he had changed. "I found that I seem to be more calm than usual, which is brought to me by the role of Zhou Zenong."

　　After six months of filming, Hu Ge felt that he had gained a lot and gained a lot of happiness, "I like performing again!"

　　Our reporter, Wang Jinyue, and the picture

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　 　 Xiaodian knows that all the girls have new husbands recently, and that many people have escaped Lee MinHo, Lee Jong Suk and Kim Soo Hyun, but they still haven’t escaped him.

　

　 　 This is your new husband, Song Joong Ki, the actor of first hero YOO SI JIN, the hit Korean drama Descendants of the Sun.

　 　 He just has a face value, a gas field and a figure ~

　 　 Of course, there will be pick up hot chicks ↓

　 　 Wearing a military uniform is domineering, when you don’t wear a military uniform ↓

　 　 Of course, who is the heroine is also very important. If the female one is not a charming and lovely Song Hye Kyo, then it is estimated that the interaction between the two people is sweet and greasy, and everyone is not so excited.

　 　 This drama is about the love story between YOO SI JIN, a peacekeeping soldier, and Mu-Yeon Kang, a doctor. Without the coy process in Korean dramas, the first two episodes have already completed the scenes of falling in love at first sight, hooking up with each other, falling in love, breaking up and reuniting. All kinds of love words and small romances between the two people in front of the screen are to abuse the whole world.

　 　 However, if you like to watch the love between handsome officers and beautiful women, it’s not just Descendants of the Sun. There are also many combinations of male gods and goddesses in military uniforms on the big screen.

Pearl harbor

　 　 In 2001, Hollywood blockbusters were shown in the mainland. In addition to the shocking war scenes, the love story between male one, male two and the heroine is remembered by more people today.

　 　 Ben Affleck, who was only 28 years old at that time, played Rafe, a soldier of the US Air Force. The way he wore a uniform can make people forgive him now.

　 　 Female No.1 was kate beckinsale, who was at the peak of her beauty at that time, and she was gorgeous. She plays Evelyn, a female nurse in a military hospital.

　 　 Two people standing together is really "picturesque".

　 　 The love story of three people is tangled, and Danny (josh hartnett), the second male, is also infatuated with the first female.

　 　 Rafe and Evelyn fell in love. In a war, it was reported that the plane he was driving was shot down by the Germans and killed in the battlefield. His good brothers Danny and Evelyn fell in love with each other in comfort, and Evelyn was pregnant with their own flesh and blood. Who knows that Rafe didn’t die, but after he returned, he faced the situation that his lover and friends fell in love … and in the end, Danny died in the battlefield, and Rafe lived with Evelyn and her son.

　 　 The love in this movie is very tragic. Evelyn, the No.1 female, has experienced the pain of losing her lover twice. Although she can finally get together with her original lover, the film’s reflection on the war is also very obvious.

　 　 When it comes to the love between soldiers and beautiful women, this film is definitely one of the classics.

Waterloo Bridge

　 　 When it comes to the classic love movie of an officer and a beauty, how can you forget this "Broken Blue Bridge" that has been said for decades?

　 　 Lieutenant Roy, played by robert taylor, and Mara, played by Vivien Leigh, are one of the most well-matched screen couples so far. The goddess of goddess in Hollywood’s golden age contributed a screen image that can never be surpassed in the most beautiful years.

　 　 Broken Blue Bridge is a heartbreaking tragedy. Dancer Mara fell in love with Lieutenant Roy, who was returning home for vacation, but learned that Roy was killed after he was recalled to the camp. Mara, who was fired after missing the performance of the troupe, lost everything in her life and was forced to become a prostitute in order to make a living. However, she met Roy who survived … Finally Mara chose to commit suicide on the bridge where they met.

　 　 Decades later, this is still the love of the most beautiful officer and beauty.

Fury

　 　 In Fury, Captain Don Collier played by Brad Pitt is absolutely first hero. Although his face is always dirty, any stop is a big gesture.

　 　 Pete is not the only man in uniform in this film. logan lerman, a former fresh meat, plays Norman, a recruit.

　 　 And Shia La Beouf, the hero of Transformers.

　 　 There are not many love scenes in this film, only between the recruits played by logan lerman and the innocent German girls.

　 　 Although the American and German troops are still at war, there is only a short stay and isolation between Norman, an American soldier, and a German girl.　

　 　 Just after this brief warmth, German artillery shells were fired at their own people at random, and the house where the girl lived was razed to the ground. Norman completed his transformation in the war after experiencing such stimulation again and again.

Human poisoning

　 　 The military romance in this play can be said to be a forbidden love. The Vietnam War hero officer Jin Zhenping (Song Seung Heon) falls in love with Jia Xin (Ji-yeon Im), the wife of a subordinate in the army. Because of its large scale, the film is listed as "19 Banned" in South Korea.

　 　 Song Seung Heon Ouba’s uniform shape is also handsome in the sky ↓

　 　 We dare not show you the forbidden love in the military camp and the larger picture.

　 　 This play is called "the Korean version of Lust, Caution", and its scale can be imagined. However, despite the erotic coat, the officer played by Song Seung Heon was also under great mental pressure after the Vietnam War, so he indulged in an affair with the heroine. Therefore, in addition to the large-scale performance of male gods, the film’s reflection on war can not be ignored.

Wolf Warrior

　 　 Last year, Jason Wu directed and starred in the military film "Wolf Warriors" which won a high box office. In the film, he played the special forces sniper cold front, which can be described as a "iron man". Jason Wu, who is good at kung fu himself, puts on a military uniform, and has a tough temperament of off the charts, thus becoming a uniformed male god with unique personality.

　 　 Although the film is full of blood, there is still some love embellishment. Yu Nan plays the female boss Long Xiaoyun of Lengfeng in the film, and the sexy Yu Nan becomes a heroic female officer here.

　 　 In the film, the brave but rebellious cold front caught the attention of the boss Long Xiaoyun, and there was a faint spark between them.

　 　 After these movies, finally, let’s show the welfare at one time and have a look at the military uniform photos of your Obamas during their service.

Your new husband, Song Joong Ki

Hyun Bin

Rain

Song Seung Heon

Kang Ta

Gong Yoo

Joon-gi Lee

Dong-won Kang

Zo In Sung